Global specialty insurance and reinsurance firm Brit Ltd., part of the Fairfax Financial Holdings Limited group of companies, has announced that its CEO Matthew Wilson is stepping down from his role and to be succeeded by Martin Thompson.
Thompson will become the new Brit Group CEO and also Executive Chairman of Ki from today, October 31st subject to regulatory approval.
Wilson is set to continue working within the Fairfax Financial Holdings Group as an Executive Advisory Director.
Wilson had returned to Brit in September 2022 after a period of absence to undergo treatment for a rare form of blood cancer.
The company said that his stepping down as CEO and becoming an Executive Advisory Director to Fairfax will allow Wilson to prioritise his own health and spend more time with his family.
Thompson was Interim Group CEO of Brit during Wilson’s leave of absence and is an experienced leader in the insurance sector, most recently prior to Brit having been the President & CEO of RSA Canada.
Wilson joined Brit in 1999, becoming Group CEO in 2018. He has also served on the Board of the LMA from 2011-2022 and been involved in many market-wide initiatives.
Wilson commented, “In my 23 years at Brit this is without doubt one of the hardest decisions I have had to make. No one was more determined than I was to continue as CEO, but it is with huge regret that I have chosen to step down so that I can focus on my family and my health. Brit is a truly special company, but what makes it so special are its amazing people. I will miss every one of them. It is this team that gives me such confidence in Brit’s future, and I know that our culture of inclusivity, innovation and achievement means that this is a company that will continue to lead the way in both who we are and what we do. I am pleased that I will remain within the Fairfax Group and, while I am stepping away from Brit, it is a company that will stay always in my heart and I will remain its greatest champion.”
Prem Watsa, Chairman and CEO of Fairfax Financial Holdings, added, “Brit stands out as one of the most forward-thinking companies in the market, from its truly inclusive culture to its reputation as a leader in Lloyd’s to the incubation and launch of Ki. Matthew has been pivotal in driving this and leaves a lasting legacy of success across the whole of the organisation. He will always be a friend to Brit and I am pleased that we will benefit from his insight as an Executive Advisory Director for Fairfax.
“Martin is an outstanding insurance leader and demonstrated this when asked by Matthew to step in as Interim CEO at such short notice last year, ensuring stability and enabling Brit to maintain its focus. He knows the business, its people and its culture extremely well and this, alongside his leadership skills, means we can deliver both a smooth succession and the right CEO to take Brit forward.”
Thompson also said on his appointment as Group CEO, “It is an honour to succeed Matthew as CEO. Having spent a year experiencing Brit’s culture and getting to know its talented people, I know what a unique business this is. Matthew’s departure is a sad moment for Brit, but he leaves a business that is in great shape; I am excited about our potential and how much more we have to achieve.”
